The destruction support requirement for HYPE exists, but the recent unlocking of tokens worth $340 million may bring supply pressure near a key resistance level.
If it breaks through $100, the buying pressure may take back the lead; if it fails to hold that level, it could prolong the current consolidation phase.
Hyperliquid ( HYPE ) The price is currently hovering around $90, and traders are weighing two distinctly different supply forces. Hyperliquid Recently bought and destroyed HYPE worth $10.15 million, permanently removing tokens from circulation. In contrast, a token unlocking worth $340 million is creating even greater potential supply pressure. The value of this unlocking is more than 33 times that of the most recent destruction, making the balance between new supply and demand a key factor in the next move of HYPE.
However, at the time this potential selling pressure emerges, the trading price of HYPE is still below the resistance range of $97 to $100. If demand can absorb this pressure and push HYPE to break through this resistance level, the token could regain momentum and move towards $110. If not, supply pressure may continue to put bears under pressure.
HYPE Price Analysis: Bulls Need to Break Through the $100 Resistance Level
HYPE is currently trading around $93, showing a rebound from recent pullbacks. However, technical patterns indicate that momentum is approaching a decisive point. The price is still above the 20-day simple moving average (20- day SMA ), which keeps the short-term trend relatively strong. Meanwhile, after expanding recently, the Bollinger Bands are narrowing. This suggests that the bulls are gathering strength, and prices may experience more significant fluctuations in the coming days. If the upward trend continues, it could strengthen the bullish position and test higher targets.
The broader trend is still supported by an expanding upward channel, with the upper track currently pointing to the range of $110 to $116. However, momentum still needs to be confirmed: if a breakout above $100 occurs with increased trading volume, it will strengthen the bullish structure. If there is a pullback near the upper track, prices may fall back to around $85, which is the next technical support level. In addition, MACD shows divergence before forming a bullish crossover, suggesting that the token may experience a longer correction phase.
HYPE destroys and Greyscale strengthens the bullish structure
Hyperliquid The latest HYPE burn event added new momentum to the bullish narrative. The protocol purchased and destroyed 112,580 HYPE, worth $10.15 million. This burn also highlighted the platform's growing transaction fee revenue: it reached $989,000 in the past 24 hours. Meanwhile, on the 7th, revenue was $9.85 million, and on the 30th, it reached $52.06 million. Currently, approximately 49.25 million HYPE have been permanently removed from the supply.
On the other hand, Greyscale's Hyperliquid has pledged ETF to expand its hosting infrastructure, adding BitGo Bank and Trust as additional hosts; Anchorage remains the main host. This move does not indicate that the new ETF has been approved, but it shows that the institutional infrastructure surrounding HYPE is still continuing to develop.
Hyperliquid Price Forecast – Can HYPE Break Through $100?
Despite some temporary factors that hindered the rise along the way, the price of HYPE still maintains a bullish trend. To reach $100, the price needs to break through the current historical high above $97, which could give buyers the upper hand again. At the same time, the unlocking of approximately $340 million worth of HYPE remains a key risk. Furthermore, if the daily chart closes above $100, it could open up space for the price to move towards $105 to $110. Conversely, if this does not happen, the price of Hyperliquid may continue to consolidate around $90.
